SAM Magazine—Charlotte, N.C., Jan. 27, 2025—Late Apex Partners, LLC, an investment firm whose largest holding is Vail Resorts, is calling for transformational change at the winter resort company.

In a letter to the Vail Resorts board of directors, Late Apex said that "over the past five years, Vail’s performance has been unacceptable. We believe Vail is fixable, but the Board must act now to hold management accountable."

The letter outlines several perceived shortcomings of the stock's current performance and proposes several steps to more than double the value in the next four years. Late Apex is critical of Vail’s key performance indicators, insider compensation incentives, capital allocation strategy, and balance sheet management.

A separate 88-page presentation details the critique and potential steps. Proposed moves include replacing the current leadership—board chair Rob Katz, CEO Kirsten Lynch, and CFO Angela Korch—cutting the current dividend by 80 percent, expanding the roster of Epic Pass partners, and raising the pass price. The presentation also proposes to make raising Vail Resorts’ Net Promoter Score a major target.

Late Apex, in turn, has come in for harsh criticism itself on Reddit, where several comments note that Late Apex's solutions might cause more dissatisfaction among guests, not less (and thus lowering Vail Resorts’ NPS number) as they are almost entirely focused on squeezing more profit from Vail Resorts' properties.

Vail Resorts stock is down roughly 20 percent over the last year and sits roughly 50 percent below its all-time closing high of $372.51 in November 2021. However, the stock rose more than 5.5 percent today, up $9.30 to close at $176.